CNBC's Kelli B. Grant reports that nearly two-thirds of Americans are planning to renovate this year, according to a new survey from LightStream, which is a division of SunTrust Bank.
Popular remodeling site Houzz gathered data from users to calculate the states spending the most—and least—on various projects including custom homes, kitchen and bath remodels, and decks. On custom homes, Connecticut is predicted to spend the most ($1,170,000 on average), while Arkansas will spend the least ($353, 047). New Jersey will spend the most money on bath remodels this year, and residents of Maine are looking to invest more in their garages than those that live anywhere else in the country.
Four in 10 plan to spend $5,000 or more, and another 22 percent plan to spend at least $10,000. Overall remodeling spending for October 2015 through September 2016 is expected to tally $154.8 billion, up 7.6 percent year over year, according to a January report from Harvard University's Joint Center for Housing Studies.